Rare blue diamond expected to fetch up to $55M

A pink diamond holds the current world record for sale at auction, set by Sotheby’s in November 2010 in Geneva, when a 24.78 carat pink diamond sold for $46 million.

Christie’s says the pink diamond sold on Tuesday had the rare attribute of having no secondary color and had earned the “Fancy Vivid” color grading from the Gemological Institute of America.

The anticipated sales prices for the two stones are part of a trend that has seen the market for coloured diamonds explode, with values more than doubling over the last two decades.

He said: “The tremendous excitement a year ago over the discovery of a 29.62-carat blue rough diamond at the Cullinan mine in South Africa has now been proved to have been totally justified. Partly because of their great rarity, but equally because of their beauty”, said David Bennett, head of Sotheby’s worldwide jewellery division.

Scottish actor Sean Connery is selling a 15.4-carat pink and orange diamond, which could fetch above $2 million and a ring boasting 5.18 carats of diamonds, with an estimated sale price of $250,000.

The price also set a new world auction record for price-per-carat for any diamond, the auctioneers Sotheby’s said. Excluding fees, “The Pink” sold for 25.5 million Swiss francs, which was within the pre-sale estimate range of 21 million-27 million Swiss francs ($23-28 million). Its pre-sale estimate is $35-$55 million, which could set a new auction record.

In all, a few 80 percent of the 400 lots on offer sold for 110.26 million Swiss francs, Christie’s said, eclipsing expectations.

The estimated price for the stainless steel watch, made in 1972, was between 150,00-250,00 Swiss francs.

In November 2013 a plum-sized diamond that weighed in at 59.60-carats and was known as the “Pink Star”, was auctioned by Sotheby’s in Geneva for US$83 million, a world record for a gem, but the buyer, NY diamond cutter Isaac Wolf, defaulted on the payment.

Auction house Sotheby’s has hailed it as “extraordinary” and expect a top price to be paid when it goes up for sale Wednesday in Geneva.